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Sunday, March 22, 2015

Daily analysis of major pairs for March 23, 2015

All eyes are on the EUR/USD, which has proven that the EUR is not ready to reach parity with the USD soon. On Wednesday, March 18, 2015, the market skyrocketed by over 450 pips, before being corrected lower. The perpetual bullish effort has already resulted in a Bullish Confirmation Pattern in the market, and thus, the resistance lines at 0.0900 and 0.1000 may be reached this week.  

EUR/USD: All eyes are on the EUR/USD, which has proven that the EUR is not ready to reach parity with the USD soon. On Wednesday, March 18, 2015, the market skyrocketed by over 450 pips, before being corrected lower. The perpetual bullish effort has already resulted in a Bullish Confirmation Pattern in the market, and thus, the resistance lines at 0.0900 and 0.1000 may be reached this week.  


USD/CHF:  Recently, and in the foreseeable future, what happens to the USD/CHF would be largely determined by the events affecting the EUR/USD, especially in a negatively correlated manner. The resistance levels at 0.9900 and 1.0000 are poised to frustrate the effort of the bulls, as the price mulls the attainment of the support levels at 0.9700 and 0.9600.

GBP/USD: The price actions on the GBP/USD and the EUR/USD are nearly similar, for both of them are positively correlated. The recent bearish outlook has been put in jeopardy and it is now in a precarious position. More buying pressure is expected on the Cable this week, and the distribution territories at 1.5050 and 1.5150 may eventually be overcome.

USD/JPY: This is now a bear market, but short trades should be sought with caution. While the demand levels at 119.50 and 119.00 could be tried, there is also a possibility that the price may go upwards towards the supply levels at 121.50 and 122.00.

EUR/JPY: There has been a perpetual bullish effort on this currency trading instrument, and this has posed a great threat to the extant bearish outlook. A movement above the supply zone at 140.00 would render the bearish outlook completely invalid. This trading instrument may rally this week.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group

Learn from the Generals of the Markets: Market Generals

1 comment:

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